The Senate Committee on Banking, Housing and Urban Affairs voted Thursday to repeal the Public Utility Holding Company Act of 1935 and to approve the Financial Regulatory Relief and Economic Efficiency Act of 1999.

The PUHCA measure, S. 313, would transfer oversight of public utility holding companies from the Securities and Exchange Commission to the Federal Energy Regulatory Commission and appropriate state agencies.

The bill, introduced in the 106th Congress by Sen. Richard Shelby, is co-sponsored by Sen. Phil Gramm, chairman of the Senate Banking Committee, as well as Sen. Paul Sarbanes, the ranking Democrat on the Banking Committee.

The committee also approved the Financial Regulatory Relief and Economic Efficiency Act (FRREEA), sponsored by Sens. Shelby, Connie Mack and others. Among other things, the bill will allow banks to pay interest on business checking accounts and allow the Federal Reserve to pay interest on reserve balances.

One amendment to FRREEA was offered and approved by the committee. This measure, offered by Sen. Richard Bryan, would amend the Community Reinvestment Act to allow credit-card banks to meet their CRA requirements by making loans to low- and moderate-income people.

The amendment is available on the Banking Committee's web site at http://banking.senate.gov.

Click here to read the text of Sen. Richard Bryan's amendment to FRREEA offered and approved by the committee.